Economic overview Guinea, in 36 editions.

Although possessing many natural resources and considerable potential for agricultural development, Guinea is one of the poorest countries in the world. The agricultural sector contributes about 40% to GDP and employs more than 80% of the work force, while industry accounts for about 25% 27% of GDP. Guinea possesses over 25% of the world's theworld's bauxite reserves; exports of bauxite and alumina accounted for more than 80% about 70% of total exports in 1986. 1989.

Although possessing many natural resources and considerable potential for
agricultural development, Guinea is one of the poorest countries in the
world. The agricultural sector contributes about 40% to GDP and employs more
than 80% of the work force, while industry accounts for 27% of GDP. Guinea
possesses over 25% of theworld's the world's bauxite reserves; exports of bauxite and
alumina accounted for about 70% of total exports in 1989.

Although possessing many natural major mineral and hydropower resources and
considerable potential for
agricultural development, Guinea is remains
one of the poorest countries in the
world. The agricultural sector
contributes about 40% to GDP and employs more
than 80% of the work
force, while industry accounts for 27% of GDP. Guinea
possesses over
25% of the world's bauxite reserves; exports of bauxite and
alumina reserves. The mining sector accounted for about 70%
85% of total exports in 1989. 1991. Long-run improvements in literacy, financial
institutions, and the legal framework are needed if the country is to
move out of poverty. Except in the bauxite industry, foreign
investment remains minimal.

Although possessing major mineral, hydropower,
and
agricultural resources, Guinea remains one of the poorest
countries in
the world. The agricultural sector employs 80% of the
work force.
Guinea possesses over 25% of the world's bauxite reserves and is the
reserves. second largest bauxite producer. The mining sector accounted for 85% about
75% of exports in 1991.
Long-run 1995. Long run improvements in government fiscal
arrangements, literacy, financial institutions, and the
legal framework are needed if the
country is to move out of poverty.
Except in the bauxite mining industry,
foreign investment remains minimal.

Although possessing major mineral, hydropower, and
agricultural resources, Guinea remains one of the poorest countries in
the world. The agricultural sector employs 80% of the work force.
Guinea possesses over 25% of the world's bauxite reserves and is the
second largest bauxite producer. The mining sector accounted for about
75% of exports in 1995. Long run Long-run improvements in government fiscal
arrangements, literacy, and the legal framework are needed if the
country is to move out of poverty. The government made encouraging
progress in budget management in 1997. Except in the mining industry,
foreign investment remains minimal.

Although possessing Guinea possesses major mineral, hydropower, and
agricultural resources, Guinea yet remains one of the poorest countries in a poor underdeveloped nation.
the world. The agricultural sector employs 80% of the work force.
Guinea
possesses over 25% of the world's bauxite reserves and is the
second
largest bauxite producer. The mining sector accounted for about
75%
of exports in 1995. 1998. Long-run improvements in government fiscal
arrangements, literacy, and the legal framework are needed if the
country is to move out of poverty. The government made encouraging
progress in budget management in 1997. 1997-98. Except in the mining industry,
industry, foreign investment remains minimal. minimal but is expected to pick
up in 1999.

Guinea possesses major mineral, hydropower, and
agricultural resources, yet remains a poor underdeveloped nation.
The agricultural sector employs 80% of the work force. Guinea
possesses over 25% of the world's bauxite reserves and is the second
largest bauxite producer. The mining sector accounted for about 75%
of exports in 1998. Long-run improvements in government fiscal
arrangements, literacy, and the legal framework are needed if the
country is to move out of poverty. The government made encouraging
progress in budget management in 1997-98. Except 1997-99. Even with a recovery in the mining
industry, foreign investment remains minimal but prices for some of Guinea's main commodity exports, annual GDP is expected unlikely to pick
up increase by more than 5% in 1999. 2000-2001.

Guinea possesses major mineral, hydropower, and agricultural resources, yet remains a poor underdeveloped nation. The agricultural sector employs 80% of the work force. Guinea country possesses over 25% 30% of the world's bauxite reserves and is the second largest bauxite producer. The mining sector accounted for about 75% of exports in 1998. 1999. Long-run improvements in government fiscal arrangements, literacy, and the legal framework are needed if the country is to move out of poverty. The government made encouraging progress in budget management in 1997-99. Even with 1997-99, and reform progress was praised in the World Bank/IMF October 2000 assessment. However, escalating fighting along the Sierra Leonean and Liberian borders will cause major economic disruptions. In addition to direct defense costs, the violence has led to a recovery sharp decline in prices for some of Guinea's main commodity exports, annual investor confidence. Foreign mining companies have reduced expatriate staff, while panic buying has created food shortages and inflation in local markets. Real GDP growth is unlikely expected to increase by more than 5% fall to 2% in 2000-2001. 2001.

Guinea possesses major mineral, hydropower, and agricultural resources, yet remains a poor an underdeveloped nation. The country possesses over 30% of the world's bauxite reserves and is the second largest bauxite producer. The mining sector accounted for about 75% of exports in 1999. Long-run improvements in government fiscal arrangements, literacy, and the legal framework are needed if the country is to move out of poverty. The government made encouraging progress in budget management in 1997-99, and reform progress was praised in the World Bank/IMF October 2000 assessment. However, escalating fighting along the Sierra Leonean and Liberian borders will cause has caused major economic disruptions. In addition to direct defense costs, the violence has led to a sharp decline in investor confidence. Foreign mining companies have reduced expatriate staff, while panic buying has created food shortages and inflation in local markets. Real GDP Multilateral aid - including Heavily Indebted Poor Countries (HIPC) debt relief - and single digit inflation should permit 5% growth is expected to fall to 2% in 2001. 2002.

Guinea possesses major mineral, hydropower, and agricultural resources, yet remains an underdeveloped nation. The country possesses over 30% of the world's bauxite reserves and is the second largest second-largest bauxite producer. The mining sector accounted for about 75% of exports in 1999. Long-run improvements in government fiscal arrangements, literacy, and the legal framework are needed if the country is to move out of poverty. The government made encouraging progress in budget management in 1997-99, and reform progress was praised in the World Bank/IMF October 2000 assessment. However, escalating fighting along the Sierra Leonean and Liberian borders has caused major economic disruptions. In addition to direct defense costs, the violence has led to a sharp decline in investor confidence. Foreign mining companies have reduced expatriate staff, while panic buying has created food shortages and inflation in local markets. Multilateral aid - including Heavily Indebted Poor Countries (HIPC) debt relief - and single digit inflation should permit 5% permitted moderate 3.7% growth in 2002. Growth should strengthen in 2003 because of a slowly improving security situation and increased investor confidence.

Guinea possesses major mineral, hydropower, and agricultural resources, yet remains an underdeveloped nation. The country possesses over 30% of the world's bauxite reserves and is the second-largest bauxite producer. The mining sector accounted for about 75% of exports in 1999. Long-run improvements in government fiscal arrangements, literacy, and the legal framework are needed if the country is to move out of poverty. The government made encouraging progress in budget management in 1997-99, and reform progress was praised in the World Bank/IMF October 2000 assessment. However, fighting Fighting along the Sierra Leonean and Liberian borders has borders, as well as refugee movements, have caused major economic disruptions. In addition to direct defense costs, the violence has led to disruptions, including a sharp decline loss in investor confidence. Foreign mining companies have reduced expatriate staff, while panic buying has created food shortages and inflation in local markets. Multilateral aid - including Heavily Indebted Poor Countries (HIPC) debt relief - Guinea is not receiving multilateral aid. The IMF and single digit inflation permitted moderate 3.7% growth World Bank cut off most assistance in 2002. 2003. Growth should strengthen in 2003 2004, however, because of a slowly improving security situation and increased investor confidence.

Guinea possesses major mineral, hydropower, and agricultural resources, yet remains an underdeveloped nation. The country possesses over 30% of the world's bauxite reserves and is the second-largest bauxite producer. The mining sector accounted for about 75% of exports in 1999. Long-run improvements in government fiscal arrangements, literacy, and the legal framework are needed if the country is to move out of poverty. Fighting along the Sierra Leonean and Liberian borders, as well as refugee movements, have caused major economic disruptions, including aggravating a loss in investor confidence. Foreign mining companies have reduced expatriate staff, while panic staff. Panic buying has created food shortages and inflation and caused riots in local markets. Guinea is not receiving multilateral aid. The IMF and World Bank cut off most assistance in 2003. Growth should strengthen rose slightly in 2004, however, because of a slowly improving security situation primarily due to increases in global demand and increased investor confidence. commodity prices on world markets.

Guinea possesses major mineral, hydropower, and agricultural resources, yet remains an underdeveloped nation. The country possesses over 30% almost half of the world's bauxite reserves and is the second-largest bauxite producer. The mining sector accounted for about 75% over 70% of exports in 1999. 2004. Long-run improvements in government fiscal arrangements, literacy, and the legal framework are needed if the country is to move out of poverty. Fighting along the Sierra Leonean and Liberian borders, as well as refugee movements, have caused major economic disruptions, aggravating a loss in investor confidence. Foreign mining companies have reduced expatriate staff. Panic buying has created food shortages and inflation and caused riots in local markets. Guinea is not receiving multilateral aid. The aid; the IMF and World Bank cut off most assistance in 2003. Growth rose slightly in 2004, 2005, primarily due to increases in global demand and commodity prices on world markets.

Guinea possesses major mineral, hydropower, and agricultural resources, yet remains an underdeveloped nation. The country possesses has almost half of the world's bauxite reserves and is the second-largest bauxite producer. The mining sector accounted accounts for over 70% of exports in 2004. exports. Long-run improvements in government fiscal arrangements, literacy, and the legal framework are needed if the country is to move out of poverty. Fighting along the Sierra Leonean and Liberian borders, as well as refugee movements, have caused major economic disruptions, aggravating a loss in investor confidence. Panic buying Investor confidence has created food shortages been sapped by rampant corruption, a lack of electricity and inflation other infrastructure, a lack of skilled workers, and caused riots in local markets. the political uncertainty due to the failing health of President Lansana CONTE. Guinea is not receiving multilateral aid; trying to reengage with the IMF and World Bank Bank, which cut off most assistance in 2003. 2003, and is working closely with technical advisors from the U.S. Treasury Department, the World Bank and IMF, seeking to return to a fully funded program. Growth rose slightly in 2005, 2006, primarily due to increases in global demand and commodity prices on world markets. markets, but the standard of living fell. The Guinea franc depreciated sharply as the prices for basic necessities like food and fuel rose beyond the reach of most Guineans. Dissatisfaction with economic conditions prompted nationwide strikes in February and June 2006.

Guinea possesses major mineral, hydropower, and agricultural resources, yet remains an underdeveloped nation. The country has almost half of the world's bauxite reserves and is the second-largest bauxite producer. The mining sector accounts for over 70% of exports. Long-run improvements in government fiscal arrangements, literacy, and the legal framework are needed if the country is to move out of poverty. Investor confidence has been sapped by rampant corruption, a lack of electricity and other infrastructure, a lack of skilled workers, and the political uncertainty due to the failing health of President Lansana CONTE. Guinea is trying to reengage with the IMF and World Bank, which cut off most assistance in 2003, and is working closely with technical advisors from the U.S. Treasury Department, the World Bank and IMF, seeking to return to a fully funded program. Growth rose slightly in 2006, 2006-07, primarily due to increases in global demand and commodity prices on world markets, but the standard of living fell. The Guinea franc depreciated sharply as the prices for basic necessities like food and fuel rose beyond the reach of most Guineans. Dissatisfaction with economic conditions prompted nationwide strikes in February and June 2006.

Guinea possesses major mineral, hydropower, and agricultural resources, yet remains an underdeveloped nation. The country has almost half of the world's bauxite reserves and is the second-largest bauxite producer. reserves. The mining sector accounts for over more than 70% of exports. Long-run improvements in government fiscal arrangements, literacy, and the legal framework are needed if the country is to move out of poverty. Investor confidence has been sapped by rampant corruption, a lack of electricity and other infrastructure, a lack of skilled workers, and the political uncertainty due to because of the failing health death of President Lansana CONTE. CONTE in December 2008. Guinea is trying to reengage with the IMF and World Bank, which cut off most assistance in 2003, and is working closely with technical advisors from the U.S. Treasury Department, the World Bank and IMF, seeking to return to a fully funded program. Growth rose slightly in 2006-07, 2006-08, primarily due to increases in global demand and commodity prices on world markets, but the standard of living fell. The Guinea franc depreciated sharply as the prices for basic necessities like food and fuel rose beyond the reach of most Guineans. Dissatisfaction with economic conditions prompted nationwide strikes in February and June 2006.

Guinea is a poor country that possesses major mineral, hydropower, and agricultural resources, yet remains an underdeveloped nation. resources. The country has almost half of the world's bauxite reserves. The mining sector accounts for more than 70% of exports. Long-run improvements in government fiscal arrangements, the management of the economy, literacy, and the legal framework are needed if the country is to move out of poverty. Investor confidence has been sapped by rampant corruption, a lack of electricity and other infrastructure, a lack of skilled workers, and the political uncertainty because of resulting from the death of President Lansana CONTE in December 2008. Guinea is trying to reengage with International donors, including the IMF G-8, the IMF, and the World Bank, which cut off most assistance their development programming significantly in 2003, response to the coup, and is working closely international partners have said that a resumption of aid will be contingent on a successful democratic transition with technical advisors from the U.S. Treasury Department, the World Bank a democratically elected president and IMF, seeking to return to a fully funded program. functioning National Assembly. Growth rose slightly in 2006-08, primarily due to increases in global demand and commodity prices on world markets, but the standard of living fell. The Guinea franc depreciated sharply as the prices for basic necessities like food bauxite and fuel rose beyond alumina exports were negatively affected by the reach of most Guineans. Dissatisfaction with global economic conditions prompted nationwide strikes in February downturn and June 2006. the economy in 2009 contracted. International investors expressed renewed interest in Guinea's iron ore mines in 2010.

Guinea is a poor country that possesses major mineral, hydropower, and agricultural resources. The country has almost half of the world's bauxite reserves and significant iron ore, gold, and diamond reserves. However, Guinea has been unable to profit from this potential, as rampant corruption, dilapidated electricity and other degraded infrastructure, and political uncertainty have drained investor confidence. In the time since a 2008 coup following the death of long-term President Lansana CONTE, international donors, including the G-8, the IMF, and the World Bank, have significantly curtailed their development programs. Throughout 2009, policies of the ruling military junta severely weakened the economy. The junta leaders spent and printed money at an accelerated accelerating rate, driving inflation and debt to perilously high levels. In early 2010, the junta collapsed and was replaced by a Transition Government, which ceded power in December 2010 to the country's first-ever democratically elected president, Alpha CONDE. International assistance and investment are expected to return to Guinea, but the levels will depend upon the ability of the new government to combat corruption and corruption, reform its banking system. system, improve its business environment, and build infrastructure. IMF and World Bank programs will be especially critical as Guinea attempts to gain debt relief. Since the 2009 global economic downturn, the price and value of bauxite and alumina exports has steadily risen. Export levels will likely continue to grow as investor confidence returns. International investors have expressed keen interest in Guinea's vast iron ore reserves, which could further propel the country's growth. The government put forward a new mining code in September 2011 that includes provisions to combat corruption, protect the environment, and review all existing mining contracts. Longer range plans to deploy broadband Internet throughout the country could spur economic growth as well.

Guinea is a poor country that possesses major mineral, hydropower, and agricultural resources. The country has almost half of the world's bauxite reserves and significant iron ore, gold, and diamond reserves. However, Guinea has been unable to profit from this potential, as rampant corruption, dilapidated infrastructure, and political uncertainty have drained investor confidence. In the time since a 2008 coup following the death of long-term President Lansana CONTE, international donors, including the G-8, the IMF, and the World Bank, have significantly curtailed their development programs. Throughout 2009, policies of the ruling military junta severely weakened the economy. The junta leaders spent and printed money at an accelerating rate, driving inflation and debt to perilously high levels. In early 2010, the junta collapsed and was replaced by a Transition Government, transition government, which ceded power in December 2010 to the country's first-ever democratically elected president, Alpha CONDE. International assistance and investment are expected to return to Guinea, but the levels will depend upon the ability of the new government to combat corruption, reform its banking system, improve its business environment, and build infrastructure. IMF and World Bank programs will be especially critical as Guinea attempts to gain debt relief. International investors have expressed keen interest in Guinea's vast iron ore reserves, which could further propel the country's growth. The government put forward a new mining code in September 2011 that includes provisions to combat corruption, protect the environment, and review all existing mining contracts. Longer range plans to deploy broadband Internet throughout the country could spur economic growth as well.

Guinea is a poor country that possesses major mineral, hydropower, solar power, and agricultural resources. The country Guinea has almost half historically been an exporter of agricultural commodities, but in recent years has shifted to importing the world's majority of food crops. Bauxite is Guinea’s main mineral resource as well as its main source of foreign currency. Guinea is the second largest producer of bauxite reserves in the world and has the largest reserves of bauxite, estimated at 29 billion tons. The country also has significant iron ore, gold, and diamond reserves. However, Guinea has been unable to profit from this potential, as rampant corruption, dilapidated infrastructure, and political uncertainty have drained investor confidence. In the time since a 2008 coup following the death of long-term President Lansana CONTE, international donors, including the G-8, the IMF, and the World Bank, have significantly curtailed their development programs. Throughout 2009, policies of the ruling military junta severely weakened the economy. The junta leaders spent and printed money at an accelerating rate, driving inflation and debt to perilously high levels. In early 2010, programs but, following the junta collapsed and was replaced by a transition government, which ceded power in December 2010 to presidential elections, the country's first-ever democratically elected president, Alpha CONDE. International IMF approved a new 3-year ECF arrangement in 2012. Guinea in September 2012 reached HIPC completion point status. Further international assistance and investment are expected to return to Guinea, but the levels will depend upon contingent on the ability of the new government to be transparent, combat corruption, reform its banking system, improve its business environment, and build infrastructure. IMF and World Bank programs will be especially critical as Guinea attempts to gain debt relief. International investors have expressed keen interest in Guinea's vast iron ore reserves, which could further propel the country's growth. The government put forward a new mining code in April 2013 amended the September 2011 that includes provisions mining code to combat corruption, protect the environment, reduce taxes and review all existing mining contracts. royalties. Longer range plans to deploy broadband Internet throughout the country could spur economic growth as well. The biggest threats to Guinea’s economy are political instability and low international commodity prices.

Guinea is a poor country of approximately 11.7 million people that possesses the world's largest reserves of bauxite and world’s largest untapped high-grade iron ore reserves (Simandou), as well as gold and diamonds. In addition, Guinea has fertile soil, ample rainfall, and is the source of several West African rivers, including the Senegal, Niger, and Gambia. Guinea's hydro potential is enormous and the country could be a major exporter of electricity. The country also has tremendous agriculture potential. Gold, bauxite, and diamonds are Guinea’s main mineral exports. International investors have shown interest in Guinea's unexplored mineral reserves, which have the potential to propel Guinea's future growth.
Following the death of long-term President Lansana CONTE in 2008 and the coup that followed, international donors, including the G-8, the IMF, and the World Bank, significantly curtailed their development programs in Guinea. However, the IMF approved a new 3-year Extended Credit Facility (ECF) arrangement in 2012, following the December 2010 presidential elections. In September 2012, Guinea achieved Heavily Indebted Poor Countries (HIPC) completion point status. Future access to international assistance and investment will depend on the government’s ability to be transparent, combat corruption, reform its banking system, improve its business environment, and build infrastructure. In April 2013, the government amended its mining code to reduce taxes and royalties. In September 2013, legislative elections were held and the National Assembly was seated in January 2014. In 2014, Guinea also complied with requirements of the Extractive Industries Transparency Initiative by publishing its mining contracts and was found to be compliant. International investors have shown interest in Guinea's unexplored mineral reserves, which have the potential to propel Guinea's future growth.
The biggest threats to Guinea’s economy are political instability, the continuation a reintroduction on of the Ebola virus epidemic, and low international commodity prices. Rising international donor support and reduced government investment spending will lessen fiscal strains created by the Ebola virus epidemic, but economic recovery will be a long process while the government continues efforts to fight prevent an outbreak of the disease. As of March 2015, Guinea had approximately 3,200 confirmed and suspected cases of Ebola with over 2,100 deaths (65.6% mortality rate). The economic toll of Ebola virus epidemic on the Guinean economy is considerable. Ebola stalled promising economic growth in 2014 2014-15, and unless the epidemic ends in 2015, the economy will continue to stagnate. Normal economic growth has not returned and several stagnate in 2016. Several projects have stalled, such as offshore oil exploration and the giant Simandou iron ore project. Promising reductions in Ebola cases in the first half of 2015 could see Guinea turn the corner on the disease and have Ebola eradicated later in the year. The 240 Megawatt megawatt Kaleta Dam is expected to be commissioned Dam, which was inaugurated in late June or early July 2015 and President Alpha CONDE’s administration September 2015, has stated that Conakry will have full time electricity once Kaleta comes online. Currently the capital only receives six expanded access to eight hours of electricity per day. for residents of Conakry. Although the recent political stability has brought renewed interest in Guinea from the private sector, an enduring legacy of corruption, inefficiency, and lack of government transparency, combined with fears of Ebola, Ebola virus, continue to undermine Guinea's economic viability.
Successive governments have failed to address the country's crumbling infrastructure, which is needed for economic development. Guinea suffers from chronic electricity shortages; poor roads, rail lines and bridges; and a lack of access to clean water - all of which continue to plague economic development. Presidential elections are scheduled for October 2015 and investors are cautiously awaiting the outcome. Guinea is a new democracy and past election violence as well as Ebola may keep investors on the sideline until 2016. The Guinean present government, led by President Alpha CONDE, is working to create an economy to attract foreign investment and hopes to have greater participation from western countries/firms countries and firms in Guinea's economic development.

Guinea is a poor country of approximately 11.7 12.9 million people in 2016 that possesses the world's largest reserves of bauxite and largest untapped high-grade iron ore reserves (Simandou), reserves, as well as gold and diamonds. In addition, Guinea has fertile soil, ample rainfall, and is the source of several West African rivers, including the Senegal, Niger, and Gambia. Guinea's hydro potential is enormous and the country could be a major exporter of electricity. The country also has tremendous agriculture potential. Gold, bauxite, and diamonds are Guinea’s main mineral exports. International investors have shown interest in Guinea's unexplored mineral reserves, which have the potential to propel Guinea's future growth.
Following the death of long-term President Lansana CONTE in 2008 and the coup that followed, international donors, including the G-8, the IMF, and the World Bank, significantly curtailed their development programs in Guinea. However, the IMF approved a new 3-year Extended Credit Facility arrangement in 2012, following the December 2010 presidential elections. In September 2012, Guinea achieved Heavily Indebted Poor Countries completion point status. Future access to international assistance and investment will depend on the government’s ability to be transparent, combat corruption, reform its banking system, improve its business environment, and build infrastructure. In April 2013, the government amended its mining code to reduce taxes and royalties. In 2014, Guinea also complied with requirements of the Extractive Industries Transparency Initiative by publishing its mining contracts and was found to be compliant. Guinea completed its program with the IMF in October 2016 even though some targeted reforms have been delayed. Currently Guinea is negotiating a new IMF program which will be based on Guinea’s new five-year economic plan, focusing on the development of higher value-added products, including from the agro-business sector and development of the rural economy.
The biggest threats to Guinea’s economy are political instability, a reintroduction on of the Ebola virus epidemic, and low international commodity prices. Rising international donor support and reduced government investment spending will lessen fiscal strains created by the Ebola virus epidemic, but economic Economic recovery will be a long process while the government continues efforts adjusts to prevent an outbreak lower inflows of international donor aid following the disease. The economic toll surge of Ebola virus epidemic on the Guinean economy is considerable. Ebola-related emergency support. Ebola stalled promising economic growth in 2014-15, and the economy will continue to stagnate in 2016. Several projects have stalled, 2014-15 period and impeded several projects, such as offshore oil exploration and the giant Simandou iron ore project. The 240 megawatt economy, however, grew by 5.2% in 2016, mainly due to growth from bauxite mining and thermal energy generation as well as the resiliency of the agricultural sector. The economy is projected to grow by 4.6% in 2017. The 240-megawatt Kaleta Dam, which was inaugurated in September 2015, has expanded access to electricity for residents of Conakry. Although the recent political stability has brought renewed interest in Guinea from the private sector, an An enduring legacy of corruption, inefficiency, and lack of government transparency, combined with fears of Ebola virus, continue to undermine Guinea's economic viability.
Guinea’s iron ore industry took a hit in 2016 when investors in the Simandou iron ore project announced plans to divest from the project. In 2017, agriculture output and public investment will boost economic growth while the mining sector continues to play a prominent role in economic performance.
Successive governments have failed to address the country's crumbling infrastructure, which is needed for economic development. infrastructure. Guinea suffers from chronic electricity shortages; poor roads, rail lines and bridges; and a lack of access to clean water - all of which continue to plague economic development. The present government, led by President Alpha CONDE, is working to create an economy environment to attract foreign investment and hopes to have greater participation from western countries and firms in Guinea's economic development.

Guinea is a poor country of approximately 12.9 million people in 2016 that possesses the world's largest reserves of bauxite and largest untapped high-grade iron ore reserves, as well as gold and diamonds. In addition, Guinea has fertile soil, ample rainfall, and is the source of several West African rivers, including the Senegal, Niger, and Gambia. Guinea's hydro potential is enormous and the country could be a major exporter of electricity. The country also has tremendous agriculture potential. Gold, bauxite, and diamonds are Guinea’s main exports. International investors have shown interest in Guinea's unexplored mineral reserves, which have the potential to propel Guinea's future growth.
Following the death of long-term President Lansana CONTE in 2008 and the coup that followed, international donors, including the G-8, the IMF, and the World Bank, significantly curtailed their development programs in Guinea. However, the IMF approved a 3-year Extended Credit Facility arrangement in 2012, following the December 2010 presidential elections. In September 2012, Guinea achieved Heavily Indebted Poor Countries completion point status. Future access to international assistance and investment will depend on the government’s ability to be transparent, combat corruption, reform its banking system, improve its business environment, and build infrastructure. In April 2013, the government amended its mining code to reduce taxes and royalties. In 2014, Guinea also complied with requirements of the Extractive Industries Transparency Initiative by publishing its mining contracts and was found to be compliant. contracts. Guinea completed its program with the IMF in October 2016 even though some targeted reforms have been delayed. Currently Guinea is negotiating a new IMF program which will be based on Guinea’s new five-year economic plan, focusing on the development of higher value-added products, including from the agro-business sector and development of the rural economy.
The biggest threats to Guinea’s economy are political Political instability, a reintroduction of the Ebola virus epidemic, and low international commodity prices. prices, and an enduring legacy of corruption, inefficiency, and lack of government transparency are factors that could impact Guinea’s future growth. Economic recovery will be a long process while the government adjusts to lower inflows of international donor aid following the surge of Ebola-related emergency support. Ebola stalled promising economic growth in the 2014-15 period and impeded several projects, such as offshore oil exploration and the Simandou iron ore project. The economy, however, grew by 5.2% 6.6% in 2016, 2016 and 6.7% in 2017, mainly due to growth from bauxite mining and thermal energy generation as well as the resiliency of the agricultural sector. The economy is projected to grow by 4.6% in 2017. The 240-megawatt Kaleta Dam, inaugurated in September 2015, has expanded access to electricity for residents of Conakry. An enduring legacy of corruption, inefficiency, and lack of government transparency, combined with fears of Ebola virus, continue to undermine Guinea's economic viability.
Guinea’s iron ore industry took a hit in 2016 when investors in the Simandou iron ore project announced plans to divest from the project. In 2017, agriculture output and public investment will boost boosted economic growth growth, while the mining sector continues continued to play a prominent role in economic performance.
Successive governments have failed to address the country's crumbling infrastructure. Guinea suffers from chronic electricity shortages; poor roads, rail lines and bridges; and a lack of access to clean water - all of which continue to plague economic development. The present government, led by President Alpha CONDE, is working to create an environment to attract foreign investment and hopes to have greater participation from western countries and firms in Guinea's economic development.

Guinea is a poor country of approximately 12.9 million people in 2016 that possesses the world's largest reserves of bauxite and largest untapped high-grade iron ore reserves, as well as gold and diamonds. In addition, Guinea has fertile soil, ample rainfall, and is the source of several West African rivers, including the Senegal, Niger, and Gambia. Guinea's hydro potential is enormous and the country could be a major exporter of electricity. The country also has tremendous agriculture potential. Gold, bauxite, and diamonds are Guinea’s main exports. International investors have shown interest in Guinea's unexplored mineral reserves, which have the potential to propel Guinea's future growth.
Following the death of long-term President Lansana CONTE in 2008 and the coup that followed, international donors, including the G-8, the IMF, and the World Bank, significantly curtailed their development programs in Guinea. However, the IMF approved a 3-year Extended Credit Facility arrangement in 2012, following the December 2010 presidential elections. In September 2012, Guinea achieved Heavily Indebted Poor Countries completion point status. Future access to international assistance and investment will depend on the government’s ability to be transparent, combat corruption, reform its banking system, improve its business environment, and build infrastructure. In April 2013, the government amended its mining code to reduce taxes and royalties. In 2014, Guinea complied with requirements of the Extractive Industries Transparency Initiative by publishing its mining contracts. Guinea completed its program with the IMF in October 2016 even though some targeted reforms have been delayed. Currently Guinea is negotiating a new IMF program which will be based on Guinea’s new five-year economic plan, focusing on the development of higher value-added products, including from the agro-business sector and development of the rural economy.
Political instability, a reintroduction of the Ebola virus epidemic, low international commodity prices, and an enduring legacy of corruption, inefficiency, and lack of government transparency are factors that could impact Guinea’s future growth. Economic recovery will be a long process while the government adjusts to lower inflows of international donor aid following the surge of Ebola-related emergency support. Ebola stalled promising economic growth in the 2014-15 period and impeded several projects, such as offshore oil exploration and the Simandou iron ore project. The economy, however, grew by 6.6% in 2016 and 6.7% in 2017, mainly due to growth from bauxite mining and thermal energy generation as well as the resiliency of the agricultural sector. The 240-megawatt Kaleta Dam, inaugurated in September 2015, has expanded access to electricity for residents of Conakry. An combined with fears of Ebola virus, continue to undermine Guinea's economic viability.
Guinea’s iron ore industry took a hit in 2016 when investors in the Simandou iron ore project announced plans to divest from the project. In 2017, agriculture output and public investment boosted economic growth, while the mining sector continued to play a prominent role in economic performance.
Successive governments have failed to address the country's crumbling infrastructure. Guinea suffers from chronic electricity shortages; poor roads, rail lines and bridges; and a lack of access to clean water - all of which continue to plague economic development. The present government, led by President Alpha CONDE, is working to create an environment to attract foreign investment and hopes to have greater participation from western countries and firms in Guinea's economic development.